Canada Pension Plan Investment Board and Global Infrastructure Management complete acquisition of ALLETE for $3.9 billion in a going private transaction.

Canada Pension Plan Investment Board and Global Infrastructure Management have completed the acquisition of ALLETE, Inc. from The Vanguard Group, BlackRock, and others for $3.9 billion in a going private transaction. The acquisition includes all of ALLETE's businesses, and the company will continue to operate under its current name and brand with local management and headquarters in Duluth, Minnesota. The transaction was approved by ALLETE's Board of Directors and shareholders, and is expected to close in mid-2025, subject to certain regulatory approvals.